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“Asset management is a very important part of this franchise and John Mack, like any CEO, wants to see results, but he is also aware that it will take some time, much work and a little patience”
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Morgan Stanley’s reversal of fortunes
WHEN JAMES DILWORTH, then head of Goldman Sachs Asset Management in Germany, took the call asking him for a chat with Morgan Stanley, he was initially sceptical. GSAM is a leading franchise in the institutional asset management business with a full array of cutting-edge alternative investment products and a wonderful brand name; Morgan Stanley Investment Management, by comparison, was a business that had suffered from years of under-investment and lacked many of the skills, especially in alternative asset classes such as hedge funds and private equity, that its customers now routinely demand.
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